Living close to Waitrose could add nearly £40,000 to the value of your house, Lloyds Bank finds

Lloyds Bank found that living close a to a well-known supermarket chain can add on average of £22,000 to the typical price of your home

Zlata Rodionova@zlata07
Monday 25 July 2016 15:49
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People who live near a Waitrose could add £40,000 to the price of their home, according to a new research.

Lloyds Bank found that living close a to a well-known supermarket chain can add on average of £22,000 to the typical price of your home.

But properties near Waitrose get the biggest boost of £38,666 or 10 per cent higher than the typical property of the town in which they are located.

Lloyds Bank compared average prices in postal districts in England and Wales which have a national supermarket to the typical prices in the nearby areas.

Mike Songer, Lloyds bank mortgage director, said the figures back-up the so-called “Waitrose effect”.

He said there is definitely a correlation between the price of your home and whether it is close to a major supermarket branch.

“Our figures show that the amount added to the value of your home can be even greater if located next to a brand which is perceived as upmarket,” he said

“Of course, there are many other drivers of house prices beyond having a supermarket on your doorstep, but our research suggests that it is a strong factor,“ he added.

Lloyds’ research found that properties near a Sainsbury’s, a Mark and Spencer and Tesco also get a boost of more than £22,000.

Budget supermarket Lidl and Aldi effect on a property value was considerably reduced.

Homes near Lidl are worth nearly £4,000 more than the average property. While living near an Aldi store will boost a property’s value by slightly more than £1,300.

10. Aldi — £1,333 (1 per cent)

Aldi surprisingly beat some of its up-market rivals

9. Lidl — £3,926 (2 per cent)

Lidl was Britain's second most unethical supermarket for its impact on the environment and its reputation for throwing away unused food.

8. Asda — £5,026 (2 per cent)

The Asda Living store at the Manchester Fort shopping centre also opened an hour early at 8am on Saturday (file image)

7. Morrisons — £10,558. (5 per cent)

Morrisons deal with Amazon is an attempt to evolve the business

6. Co-op — £17,904 (8 per cent)

With an 11.0 rating, the Co-op comes out as the most ethical supermarket

5. Iceland — £20,034 (8 per cent)

Iceland was the third least ethical

4. Tesco — £22,072 (9 per cent)

Tesco's annual results will be revealed next week

3. Marks & Spencer — £27,182 (9 per cent)

2. Sainsbury's — £27,939 (10 per cent)

1. Waitrose — £38,666 (10 per cent)

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